ETH Weekly | "Berlin" hard fork has been postponed until August; Ethereum Gas fee has exceeded Bitcoin for three consecutive weeks (6.29-7.5)

Author | Qin Xiaofeng

Author | Qin Xiaofeng

Produced | Odaily

1. Overall overview

1. Overall overview

The put/call ratio in the ethereum options market rose to 1.04 last Thursday, the highest since July 2019, according to Skew data. The indicator has nearly tripled in the past 3.5 months and has risen from 0.84 to 1.04 in the past two weeks.

Second, the secondary market

Second, the secondary market

1. Spot market

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(ETH daily chart, picture from OKEx)

(ETH daily chart, picture from OKEx)

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(data from BiNuNiu)

(data from BiNuNiu)

In terms of funds, funds fluctuated greatly last week, with the largest net inflow on Wednesday, exceeding US$24 million; and the largest net outflow on Sunday, exceeding US$24 million.

(data from Tokenview)     

(data from Tokenview)

Tokenview dataTokenview data

Last week, there were a total of 4 transfers of "more than 50,000 ETH", the largest transfer amount was 271,600 ETH, which was transferred between an unknown new address and has not yet been split; there were two transfers of 50,000 ETH each, which belonged to Gemini Exchange and Bitfinex The internal wallet address of the exchange is transferred to each other; there is another transfer of 134,000 ETH, which is an unknown new address transfer, which has not yet been split.

OKlink data3. Ecology and technology

3. Ecology and technology

1. Development and technology

1. Development and technology

(1) Ethereum developers decided to postpone the "Berlin" hard fork until August

Ethereum core developers have decided to delay the development of the "Berlin" hard fork until at least August to give clients other than Geth a chance to increase their network share. According to Ether Nodes, Geth is just one of 11 client specifications, but 79 percent of ethereum nodes run on it, a percentage up 5 percent since December. Developers fear that so many users rely on the Geth client that a bug in Geth could temporarily freeze the entire network, which is not normal. (CoinDesk)

(2) Geth, the largest Ethereum client, has lost 14% of its nodes

According to Web Archive data, since December 2019, Geth, the largest Ethereum client, has lost about 14% of its nodes, while the Open Ethereum client (formerly known as Parity) has lost nearly 60% of its nodes. The code base for the Parity ethereum client project has now been handed over to a decentralized autonomous organization (DAO) funded by ConsenSys spin-off company Gnosis. Now, the project runs under the name Open Ethereum. (CoinDesk)

(3) Altona v0.12, the Ethereum 2.0 testnet, starts running on the four major clients

On June 29, Bitfly (the parent company of Ethermine mining pool) officially tweeted that the Ethereum 2.0 test network Altona v0.12 has been officially launched, and the four major clients of Prysm, Teku, Lighthouse and Nimbus have started running the test network (Note: Sigma Prime mentioned in the Bitfly tweet is the development team of the Ethereum 2.0 client Lighthouse).

On July 4th, GelatoNetwork, an automatic execution tool for Ethereum smart contracts, was launched on the main network. As an audited smart contract protocol, it allows developers to automatically execute user transactions without running any underlying server infrastructure. Its design goal is to encourage an open And decentralized network repeaters automate smart contract execution and are anti-censorship. (Medium)

2. Voice of the Community

2. Voice of the Community

(1) V God: Initially underestimated the time required for PoS and sharding

V God recently admitted in a podcast that there were many changes in the creation of Ethereum, for example, more consideration was given to the cost of Gas, but it was not really set up at the beginning. V God said that it really underestimated the time required to complete many things that had not yet started in 2015, especially proof of stake (PoS) and sharding. (Cointelegraph)

Vitalik Buterin, the co-founder of Ethereum, issued multiple tweets in response to the DeFi boom, saying: In the long run, the interest rate of DeFi cannot be higher than the best interest rate of traditional finance by more than one percentage point. In fact, many of the most valuable parts of DeFi may be the most boring, which is simply giving anyone in the world a crypto dollar with an interest rate that matches the rate of inflation, and this is a huge boon for many people . We just need to improve it. Of course, the ideal is to find something that is both exciting and meaningful. Will continue to be optimistic about various applications of DAICO (the combination of DAO and ICO, that is, distributed ICO), as well as many other combined applications, prediction markets, etc.

3.DEX

according toDAppTotal.com DEXaccording to

The data on the special page shows: 17 DEX projects based on the Ethereum network have been counted. The transaction volume on the chain in the past week totaled 329,780 ETH (approximately 74.2 million US dollars), a decrease of 26.4% from the previous week; the total number of transaction users on the chain in the past week was 31,580. down 7.3%.

according to

4.Dapp

according toDappreview dataDappreview data

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5. Mining       

(data from etherchain.org)

etherchain.orgThe data shows that the average computing power increased by 2.22% month-on-month, temporarily reporting 189.1 TH/s; the average mining difficulty increased by 2.16% month-on-month, temporarily reporting 2384 T; the activity of miners continued to increase, and new addresses increased by 4.68% month-on-month; the total mining revenue Basically remain stable.

4. News

4. News

1. Data: Ethereum’s transaction fee ratio FRM has reached a new low, showing that its security has been greatly improved

According to data released by Glassnode, the revenue of Ethereum miners has risen sharply in the past two months, and the 30-day moving average has reached an increase of about 18%. On the contrary, the FRM (Fee Ratio Multiple) of Ethereum has dropped to an unprecedented low level. Invented by The Block reporter Matteo Leibowitz, FRM aims to define the ratio between the total revenue of miners (the sum of block rewards and transaction fees) and transaction fees, which can be used to indicate the degree of security of the blockchain after the block reward disappears. A lower FRM means that the asset can maintain its current security budget (mining revenue) without inflation subsidies, and a higher FRM means that the asset needs to be heavily inflated through block reward subsidies to maintain its existing security Budget.In addition, the transaction volume of Ethereum in June this year reached a recordsecond highest

, reaching 28,802,843 transactions, second only to January 2018, when the transaction volume reached 33,504,270 transactions. (Glassnode)

2. Data: Ethereum fees have surpassed Bitcoin for 3 weeks in a row

According to data from the Glassnode analytics platform, as of June 30, Ethereum fees have surpassed Bitcoin for 3 consecutive weeks. Ethereum’s fees were higher than Bitcoin’s for several days in a row previously occurred in May 2018. In 2020, only 10.7% of Ethereum fees were spent on actual transactions between potential users. Technically speaking, this is not a good phenomenon on Ethereum. Additionally, a recent analysis shows that, in terms of average fees per category, the most expensive fees occur in zero-value ETH transactions sent between various ETH externally owned addresses. (AMBCrypto)

3. Data: Ethereum Put/Call Ratio Hits Highest Level in a Year

The put/call ratio in the ethereum options market was pushed to its highest level in 12 months as investors sought yield. The ratio measures the number of open puts relative to open calls. The ratio rose to 1.04 last Thursday, the highest since July 2019, according to crypto derivatives research firm Skew. The indicator has nearly tripled in the past 3.5 months and has risen from 0.84 to 1.04 in the past two weeks."Luuk Strijers, chief operating officer at derivatives exchange Deribit, said that usually means the market is more bearish, as investors are buying put options to protect their portfolios from potential asset falls. However, in the current situation, the main reason for the increase in the ratio is the increase in the selling of put options. Strijers said,"（CoinDesk）

In this case, the market maker owns the call and the client is a net seller of the put. Customers are using their ETH holdings to generate additional income.

4. Data: The total transaction volume of Dapp in the second quarter reached 12 billion US dollars, and Ethereum dominated

Data from DappRadar shows that in the second quarter of 2020, the transaction volume of Dapps reached US$12 billion, an increase of US$4.5 billion from the previous quarter.

Among them, the transaction volume of Dapps based on Ethereum alone accounted for 82%, most of which came from the use of DeFi applications; the transaction volume of Dapps based on Tron and EOS also continued to grow; interestingly, the recently launched fork chain Hive Already recorded more Dapp activity than its parent chain, Steem. (Decrypt)

5. Report: Ethereum is the top choice for European blockchain startups